港大經管學院龔啟聖教授在知名經濟學期刊《經濟學雜誌》發表的論文被挑選為2020年度最佳論文，因而榮獲英國皇家經濟學會獎。他和馬馳騁博士及陳婷博士聯合撰寫的論文 “Long Live Keju! The Persistent Effects of China’s Civil Examination System” （中文翻譯：科舉萬歲！中國科舉制度所產生的深遠影響），研究科舉制度千年以來對中國的人力資本或教育成果的長遠影響。

龔教授解釋為何他的研究團隊會致力研究中國歷史以及其對中國經濟發展的影響。他說：「越來越多的經濟學文獻顯示，制度和文化能夠對經濟發展產生深遠的影響。一個國家在被殖民統治期間受一個「差劣」的政治制度治理，例如一個未能有效約束統治者的制度，他們的長遠經濟發展一般也會比較差。這一點在文化方面亦同出一轍。」

科舉制度是中國封建時期的一種公務員考試制度。科舉制度自宋代開始發展成熟，並成為世上最早出現的「精英政治」制度模式。在被廢除前，科舉制度在中國已有近千年的歷史。 儘管現在大家都會同意「求學不是求分數」，但古時的讀書人對科舉考試的狂熱已經不能夠以韋編三絕形容。他們會盡可能取得科舉考試中最高榮譽的「進士」資格，以獲得功名所帶來的聲望和獎勵。龔教授和他的團隊因此假設，科舉制度可能創造了一個對學習和學術成就萬分尊重的精英階層，並隨著時間推移，培育出一種獨特的「文化特徵」。這股文化特徵即使在科舉制度被廢除後，依然在社會上持續了一段很長的時間。龔教授說：「科舉為我們提供了一個寶貴的機會，研究一個特定的制度和文化，在一段長時間內可以產生的影響。」。

龔教授補充說：「我們的研究發現，當每一萬人之中出現多一名額外的進士，人均的教育年數便會在2010年時增加0.87％。現時的人均教育年數為8.72年，這代表每多一名進士，人均的教育年數便會增加一年。以此對比聯合國最近估計的基準，其幅度被換算成收入差距可達1.5倍。」

透過分析歷史數據，團隊的研究發現「為何在某些文明中，如何將教育而非物質財富傳承下一代的概念，會較其他文明更為重要。並在某程度上，反映教育對經濟增長的重要性。教育可謂是國家的財富。」

龔教授在2018年7月加入港大經管學院，任職經濟學教授。 他說：「我當時被院長蔡洪濱教授的真誠邀請打動，我相信我能夠加入一個發展蓬勃的學術團體。 蔡院長的領導能力備受矚目，其學術成就更是學究天人。 這些美德的結合，在學術領導中相當具吸引力。 此外，加入港大經管學院能給予我一個機會與陳志武教授等優秀的同事合作，共同制定有關中國經濟史的課程。 因此，當我下定決心加入港大經管學院時，並沒有一絲猶豫。」在2019年，香港大學授予龔教授蘇威趙善敏基金教授席（經濟史）的明德教席，以表揚及支持他在中國經濟史上的學術和研究活動。

龔教授在2020年10月被任命為新一任的經濟學學術領域主任。龔教授計劃透過開設新的課程使學院的本科課程變得更現代化，務求協助本科生在這個訊息萬變的世界中，掌握有關數據分析的技能及其他實用的知識。 為提升博士生課程的質量，龔教授亦付出了相當大的努力。在 2021至22年度，為研究生陸續開辦全新的應用經濟學課程，例如「經濟歷史與發展」丶「國際經濟學/產業組織實證研究」丶「應用計量經濟學」丶「中國宏觀經濟學研究」等。

隨著數碼化的數據變得唾手可得，而且電腦的運算功能與日俱增，龔教授所率領的學術領域，已準備好迎接大數據為應用經濟學研究人員所帶來的挑戰。 龔教授已帶領經濟學學術領域展開招聘活動，從世界各地招攬人才，組建最強的研究團隊，聘請擅長運用數據，以可理解的辦法，處理不同議題的頂尖學者。

了解更多有關英國皇家經濟學會獎（僅供英文版）：https://www.res.org.uk/resources-page/2020-royal-economic-society-prize.html 

2020英國皇家經濟學會獎得奬者：港大經管學院龔啟聖教授（中）丶港大經管學院馬馳騁博士（右）及香港浸會大學陳婷博士（左）

Congratulations to our UG business students who have won the “Best Pitch Deck Award”, Top 10 & Top 25 in the Amplify Trading Global Markets Competition 2021 | APAC.

Kim Nahee, BFin(AMPB), Year 4 and Song Yunju, BBA, Year 5 won the Best Pitch Deck Award. They constructed a buy-side pitch book that aimed to help a recently established asset management firm to raise funds from potential clients following the top-down investment strategy starting from global macroeconomics trends, growth potential and broad industry sectors, and based on concrete quantitative measures to make final investment decisions.

“We think the competition is an amazing opportunity for us to experience the role of portfolio managers, allocate assets based on the market movement, and present data throughout the different market situations. We were also able to experience the roles of both a market maker and hedge fund, which allowed us to gain a well-rounded understanding of the financial market mechanisms.”

On top of the “Best Pitch Deck Award”, Yunju was also awarded top 10, while Lo Chun Yu, BSc(QFin), Year 4 and Ng Lok Shan Brendan, BSc(QFin), Year 3 were awarded top 25 in the competition.

Chun Yu is grateful to have had the opportunity to participate in this fun-filled yet insightful experience. “It was a great way to take the initiative to conduct a detailed global macro analysis, form our own investment strategy, mitigate potential risks, and most importantly to learn how to tell a good story to our hypothetical investors.”

He also thinks the experience is remarkable and recommends those interested in financial markets to join this competition. “Not only did we learn to leverage our finance knowledge and market sense, but also, the thrills of seeing our investment decisions rewarded by the market were definitely something we could not have obtained in textbooks.”

Brendan shares that the competition allowed his team to work on the presentation crafting skills. He also learned the importance of taking quick, calculated decisions to generate profit as an OTC (Over-the-counter) market maker. “Specialising in certain markets or products when making markets made it easier to match buyers and sellers. Overall, I am grateful to have this opportunity to take part in the competition and I think it was worth the time.”

The competition aims to help university students from all disciplines to gain practical understanding in the world of finance, particularly in Asset Management, Sales & Trading, Wealth Management, Hedge Fund and Research through a series of lecture videos, pitch deck presentation and trading simulations.

In the Preliminary Round of the competition, 692 teams of students from the APAC region worked in groups of two to prepare buy-side pitch decks and participated in live asset management simulation online. 38 qualified teams entered the Grand Final Round on March 21, 2021. Members of the teams were required to compete on individual basis. 76 students participated in the trading simulation competition by making multi-asset investment strategies in both the roles of a Hedge Fund Manager and a market maker based on instantaneous news.

Learn more: https://www.amplifytrading.com/competition

Congratulations to Leung Wing Yin, BBA(Acc&Fin), Year 3, taking home the Second Prize in the EY’s Young Tax Professional of the Year 2021 (Local Competition). By bringing together students from all over the world, the competition aims to demonstrate how much the tax profession has changed today and how business is managed in different cultures. The competition also exposed participants to the skills required to be tomorrow’s leaders.

Wing Yin shares that “The truly fascinating part of taxation goes beyond numbers and figures. Along with the current dynamic business environment, international tax compliance modifies from time to time. The competition enabled me to gain insight into the ever-changing tax policies in different jurisdictions and how cross-border businesses manage tax risk. In the discussion of tax, there is no absolute answer, but logical thinking and critical mindsets could help us interpret and analyze new legislative and regulatory challenges in taxation. I was glad to have this opportunity to interact with seasoned tax professionals from different backgrounds at EY and collaborate with students from other universities. This valuable experience sparked my curiosity in tax and facilitated me to advance the knowledge of the international tax system, which had certainly given me exposure for my future career development.”

The first phase of the competition took place in Hong Kong. After an online test regarding technical knowledge and reasoning, shortlisted semi-finalists were invited to give a group presentation and the top eight candidates proceeded to the Hong Kong final competition on April 7, 2021. The finalists had 30-minute preparation time for an individual case presentation followed by a Q&A section with judges.

Hong Kong finalists will be invited to join Greater China final which will take place in Beijing in June (tentative). Country finalist will then be invited to participate in the International final which will take place in Europe.

Established in 2010, the EY’s Young Tax Professional of the Year is an international competition designed to identify young talent with an interest in tax, help them enhance their professional skills and develop their careers. The competition gives participants the opportunity to share experiences with people from a range of backgrounds and cultures, and exposes them to the skills required to be tomorrow’s tax leaders.

Learn more about the competition: https://www.ey.com/en_gl/careers/ey-young-tax-professional-of-the-year

The HKU-Accenture Business Consulting Programme aims to give students the exposure to business consulting, equip them with fundamental skills and methodologies for delivering values to big enterprises. Echoing the tagline “Inspire．Empower．Lead” of the HKU Business School, the Programme has INSPIRED and EMPOWERED students to LEAD their own way to success and make a difference in the world.

The Programme complements students’ regular classroom learnings with interactive classes, putting theory into practice through case study exercises. Students also benefit from the in-depth exchanges with industry professionals.

The Programme is ended with a case competition held on March 20, 2021. In response to the impact brought by the pandemic, students were expected to suggest recommendations to a business hard hit under such climate. Judges from Accenture and HKU Business School were impressed by students’ creativity and resourcefulness.

Mr. Ravi Chhabra, Managing Director, Financial Services Hong Kong Lead, Accenture (middle) presents the prize to the Champion team. (Students from left to right) Ng Jade Joyce, BBA(Law)&LLB year 3; Jiang Zhikun, BEcon&Fin, year 2; Leung Si Yiu, BBA(Acc&Fin), year 4 and Chen Minyang, BBA(Acc&Fin), year 3

Mr. Ravi Chhabra presents The Most Innovative and Most Profitable Concept Award to the students. (Students from left to right) Xu Yikang, BEcon, year 3; Sheung Chi Long, BBA(IBGM), year 2; Ryou Soo Min, BBA, year 2; Lam Yuk Lung, BBA(Law)&LLB, year 3 and Chan Lok Yu, BBA(Law)&LLB, year 3.

Ms. Christina Wong, Managing Director, Greater China Consulting Lead, Accenture (right) presents The Best Presenter award to Ryou Soo Min, BBA, year 2 (left).

Stepping into the fifth year, this collaboration continues to groom our young generation. This year, 39 students have completed the Programme with flying colours.

HKU-NWS Joint University Case Competition 2021, co-organised by HKU Business School (the School) and NWS Holdings Limited (NWS), was successfully completed on April 11, 2021.

This year, 16 teams of elite students from City University of Hong Kong, The Chinese University of Hong Kong, The Hong Kong University of Science and Technology and The University of Hong Kong took part in the 48-hour real-life business case challenge regarding the logistics industry, which is one of the strategic businesses of NWS.

Before the competition, participating students joined an online industrial workshop. Students gained better insights into specific business of NWS as well as the logistics industry after the presentations by Ms. Irene Mak, Associate Director of NWS Holdings Limited, and Mr. Simon Chow, General Manager of ATL Logistics. Mr. Gilbert Ho, Executive Director of NWS Holdings Limited, also shared his experience in business management and views on the development opportunities of the logistics industry with students. Students enjoyed the workshop and gained an in-depth understanding of the logistics industry which better prepared them for the case cracking after a few weeks.

The Preliminary Round and Grand Final Round presentations of the competition were held on April 11. In the Preliminary Round, 16 teams were divided into four divisions and reviewed by panels of alumni judges. The top scorer in each division was advanced to the Grand Final Round to compete for the Championship.

The distinguished panel of judges for the Grand Final included Dr. Winnie Leung, Assistant Dean (Undergraduate) at HKU Business School, Mr. Eric Ma Siu-cheung, GBS, JP, Executive Director and Chief Executive Officer at NWS Holdings Limited, Professor Albert Ip, Council Member of HKUST and Independent Non-executive Director at New World Development, Professor Andy Wong, Associate Dean (Undergraduate Studies) at CUHK Business School, and Dr. Zachary Leung, Assistant Professor, Department of Management Sciences, College of Business at CityU. Students presented their case solutions to the judges by showcasing their innovative ideas and responded to penetrating questions from the judges in the Q&A session. Students from the Champion team will be offered internship opportunities at NWS.

Competition results:

Champion: Blackbird Advisory

1^st Runner-up: eLab Consulting

2^nd Runner-up: Team Cove

Best Presenter: Miss Lam Michelle Mimi Sze Ching (Blackbird Advisory)

This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by the School which aims to provide a platform for students to hone their case cracking, analytical and presentation skills.

Learn more: https://ug.fbe.hku.hk/student-enrichment/non-hkusu-student-clubs/hku-international-case-society/hku-nws-joint-university-case-competition-2021

4月9日，香港大學北京中心開幕儀式在北京亞洲金融中心舉行，超過170多名港大各學院教授、校友、MBA及DBA項目的學員及嘉賓出席開幕儀式，更邀請到香港特別行政區政府駐北京辦事處主任梁志仁、亞洲基礎建設投資銀行 (亞投行) 首席經濟學家Erik Berglof、清華法學院前院長王振民教授、港大經管學院副院長沈海鵬教授、北大光華管理學院副院長馬力、復旦管理學院副院長殷志文教授等出席及分享，引起了大家强烈的興趣。

在開幕儀式上，香港大學校長張翔教授發表了以《新時代 新發展 新格局》為主題的寄語，期望香港大學北京中心作為京港兩地的「橋頭堡」，秉承嚴謹的科學態度，格物創新的學術精神，積極連接內地與香港，努力創造跨界、全球化視野的創新學習平台。港大經管學院院長蔡洪濱教授致辭時亦表示，香港大學北京中心的建立具有積極的示範作用和意義，必將為香港與內地學術交流與合作賦能助力。

香港大學校長張翔教授為開幕儀式致辭。

港大經管學院院長蔡洪濱教授以視像形式參加開幕儀式。

香港大學北京中心設立在亞投行總部所在的亞洲金融大廈。一方面，這裏是北京中軸綫的新地標，地理位置優越，吸引了大量的國際金融、商業、文化機構落戶，為優質的課堂、互動學習、社交以及研究體驗創造了良好條件。另一方面，更是因其互聯互通的理念，與港大北京中心「立足北京 融入中國 擁抱世界」的目標一致。

憑藉北京中心得天獨厚的環境和先進設施，港大經管學院將成為中國所需高端人才的培養和聚集基地。我們在港大北京中心籌辦高級商管課程，將為中國云云的商業人才提供卓越的課堂體驗及前沿的商業知識，學以致用、融會貫通，讓學員可以在戰略布局的層面上提高洞察力及適應力，在急遽變化的商業環境中佔據前列。

同時, 港大經管學院將透過中心與中國其它優秀的大學密切合作，共同推動中國基礎科研創新的不斷提升。另外，我們也會利用自身在國際學術交流、環球人才引進、國際視野培養上的獨特優勢，成為中國與世界學術文化交流的重要連接者, 打造內地與國際化教育共融的理想平台。

憑藉豐富的教學資源與經驗，遵循立足當下，放眼全球的格局，香港大學北京中心的成立將有助港大經管學院進一步擴展我們在中國內地的知名度和影響力，加強兩地在學術研究和行業實踐領域的合作與交流，為各類人才開拓環球視野、提供終身學習的機會，成為香港院校與內地合作發展的典範。

香港大學北京中心設立在亞投行總部所在的亞洲金融大廈五樓。

香港大學北京中心中庭。

香港大學北京中心為大學各成員提供優質的設備。

新冠肺炎疫情加速市場變革

是次的疫情恰好發生在「第四次工業革命」的時期。新冠肺炎疫情成為市場焦點，第四次工業革命的進程亦不斷提速，重塑商業社會運作以及我們的日常生活的模式。近期有數據顯示，我們在消費和商務電子化的發展上，於八週內躍進一般認為需要五年時間才能達到的境界。銀行業已完成遠端銷售團隊組建及過渡，並開始進行數字推廣，挑戰實體店存在的必要性。雜貨商店已提供線上的訂單和送貨服務，創造出一種全新的運營模式和購物體驗。製造業的從業員也在積極拓展全自動化廠房和供應鏈，務求把價值鏈的重心從「生產」轉移到「物流」上。

在後疫情時代，我們將會見證各行各業大刀闊斧的轉變，以及這些轉變對行業帶來的影響。追不上數字化步伐的組織和企業，在新時代中註定失敗。

終身學習和自我更新

要在這段非常時期面對市場爆發性的突變，企業必須變得更有韌性，以作出高效的決策去釐定發展方針，同時在不浪費額外的時間和資源的情況下，大步流星地進行創新並取得成果。企業高級管理人員必須靈活應變，接受新知識丶摒棄舊知識、重塑新技能。

有鑑於此，商學教育將會成為一段歷久彌新的終身學習之旅，而高層管理教育課程將會成為一個知識樞紐，讓企業高管探索創新的管理思維和務實的洞察見解。

*沈海鵬教授在 HKU-Ivey Executive Leadership Programme in Data Analytics and Big Data（DABD）上進行講課

為協助企業高管應對當前的挑戰，港大經管學院的高層管理教育團隊跟貼時代的步伐，以最新的市場訊息幫助企業以及其管理層與時並進，佔得先機，保持領先。

高管教育如終身學習

市場的革新步伐不斷加快，企業高管僅僅依賴於偶爾的進修並不足以與時並進。致力持續進修和發展是唯一出路，企業高管必須從根本改變其思維模式。

今時今日，港大經管學院的高層管理教育與企業並肩同行，為企業以及其管理層定期提供務實且度身訂造的學習項目，提供與在職經驗匹配的學習體驗，成為他們自身發展更進一步的「踏腳石」。我們精心設計課程模組的課程模塊和學習活動，使企業高管們能將課堂學習與商業實踐接軌丶使他們能夠將所學所想融會貫通。這一點對他們的學習進程至為關鍵。

*數據科學家培養項目

這個嶄新的課程形式，能改變企業高管的行為模式，啟發他們潛在的管理敏銳度，幫助他們快速學習及吸收新的知識，務求在短時間內取得突破。

全方位的支援和發展體驗

在港大經管學院高層管理教育的課程中，學習體驗有如一套完整的生態系統。學員能夠從中獲得學術的前沿知識丶簡明的指導和支援，以及進行商業實踐。

港大經管學院的高層管理教育課程揉合了來自六個學術領域合共超過130名教學人員的教學經驗和前沿知識。學院作為中西文化互融及亞洲思維的領導樞紐，享有獨特優勢。通過整合真實案例研究、項目實際演練、模擬學習及角色扮演，配合指導服務及導師的支援，加上與出色的行業領袖互動交流， 學員能學以致用，把學術和專業知識應用在現實生活當中。

*女性董事課程學員

我們課程擁有一個多元和全面的支援網絡，能為企業高管提供豐富的知識和參考經驗，幫助他們面對日趨複雜和充滿不確定性的商業世界。

課堂外的多方面學習體驗

港大經管學院的高層管理教育為學員在傳統課堂外，提供多方面的學習體驗，為既有的學習體驗倍添深度。

在電子體驗方面，課程透過線上會議丶影片教學丶和電子課堂上的互動，為學員之間，以及他們與導師之間，提供嶄新的學習和互動體驗，鼓勵他們走出自己的舒適圈，踏上一趟生理和心靈的探索之旅，讓他們重新認識自己。課程亦會安排學員到世界各地不同的地點上課，並在各個地點提供情境化的整合學習內容，協助他們建立和激發出共同的企業文化。

*商業領袖課程學員在新加坡進行企業參觀及交流

這些多元化的課程內容，不論學員選擇分開或同期研修，都能為身為企業高管的他們提供豐富的學習體驗，使他們進一步瞭解自己以及自己所屬的企業。

加強與商業丶企業高管丶以及校友群體賦能

從追踪疫情的變化，到創建一套充滿韌性的商業模式抵禦第四次工業革命帶來的衝擊，企業高管可謂自顧不暇。港大經管學院的高層管理教育致力服務商業社會丶企業高管丶以及我們的校友群組，滿足他們不同的需要。

在2021年，港大經管學院的高層管理教育將會投放更多的資源發展新的學習方案，協助企業高管更有效地面對各類不可預測的情況，建立解難能力並激發他們的創意和創新潛能。我們旨在為企業高管提供全方位的支援，給他們帶來更多元而高效的學習體驗。

高層管理教育總監李世巍先生

As the demand for digitalisation of services is on the increase across every industry, Fintech and Insurtech have been ever-growing in the Asia Pacific region, especially due to the pandemic restricting normal business operations.

Dr. King Au, Adjunct Professor at HKU Business School and Executive Director of Financial Services Development Council (FSDC), and Axiom Managing Director Mr. Alvin Ma, who also serves as Adjunct Assistant Professor at HKU Business School, invited two representatives from the growing Fintech and Insurtech industry, Mr. Ernest Leung of virtual Fintech ‘WeLab’ and Mr. Fred Ngan of online-based virtual Insurtech ‘Bowtie’, as guest speakers to our Asset Management and Private Banking  (AMPB) capstone class.

Ernest gave a detailed explanation behind ‘virtual and digital banking’ services such as WeLab, highlighting their aim to reform what is normally a slow, lengthy process to open new bank accounts or approve loans, into something that can all be done within a few minutes: thanks to a smartphone app equipped with edge computing and facial recognition capabilities, making the lives of both clients and banking professionals easier.

Fred, meanwhile, presented the journey of his startup from idea conception to implementation over the past five years.  In Dec 2018, Fred’s effort was paid off the Hong Kong Insurance Authority (HKIA) awarding the very first virtual insurer license to Bowtie, a ‘pay as you go’ online medical insurance company offering customer-centric policies with transparency and zero commissions.

Students attending the capstone class had the opportunity to interact with the two Fintech and Insurtech experts and listen to the commentary on both Fintech and Insurtech solutions by Dr. King Au from FSDC and Prof. Anna Wong, AMPB Programme Director of HKU Business School.

In light of the 2021 AMPB cohort being the first class of graduates from HKU by the end of Spring 2021 semester, an initiative was taken to showcase and prepare future financial professionals for the workforce. Specifically, the surge in ‘Fintech’; financial-tech services that would be streamlining various aspects within private wealth management and the financial sector as a whole.

Mr. Fred Ngan of ‘Bowtie’ receives the souvenirs from HKU Business School

Mr. Ernest Leung of ‘WeLab’ receives the souvenirs from HKU Business School

From Left: Dr. King Au of FSDC; Mr. Ernest Leung of ‘WeLab’; Mr. Fred Ngan of ‘Bowtie’; Prof. Anna Wong of HKU Business School & Mr. Alvin Ma of Axiom

Dr. Shiyang Huang, Assistant Professor in Finance, is the recipient of the Faculty Outstanding Researcher Award 2020-21.

Dr. Huang’s research agenda focuses on financial economics and empirical asset pricing. He has published research papers in several academic journals including Journal of Financial Economics, Management Science and Journal of Economic Theory. He also won the best paper awards at academic conferences, including Best Paper Award at 7th Melbourne Asset Pricing Meeting, Conference Best Paper Award at China International Conference in Finance of 2019, Best Paper Award at 14th Annual Conference in Financial Economics Research by Eagle Labs (IDC) of 2017.

The Selection Committee acknowledges the high quality and quantity of Dr. Huang’s research publications, and his important contributions through novel research during his service with the University of Hong Kong.

The Faculty Outstanding Researcher Award was established to honour and reward faculty members for having done excellent research and achieved international recognition in the field of business and economics.

HKU Business School has been dedicated to providing quality business education and advancing the knowledge frontiers. The recent re-accreditation by AACSB International (AACSB) for another five years represents international recognition of our on-going efforts to improve in all aspects.

AACSB specifically endorsed the School’s remarkable achievement in research and publications and the robust mechanism in ensuring quality teaching and learning. It also reaffirmed that the School has forged strong alliances, partnerships and collaborations with top universities around the world, becoming one of the top business schools in the region in just 20 years of establishment.

Leveraging on our deep root in Hong Kong, we have been fostering amicable connections with the business community in both Hong Kong and Greater Bay Area, creating more opportunities for its students. In addition to a strong governance system and a good track record, AACSB highlighted that HKU Business School has a sound strategic plan that all stakeholders are engaged and involved. Going forward, we are committed to developing ourselves into a world leading expert hub for data analytics, machine learning and digital transformation and a regional expert on finance, economics and business trends.

HKU Business School was first accredited by AACSB in 2010 and was re-accredited in 2015. The School’s attainment of the accreditation has demonstrated its commitment to maintaining best practices and world-class quality business education.

Founded in 1916, AACSB is the longest serving global accrediting body for business schools. AACSB accreditation represents an achievement of excellence in business education. Today, a total of 882 institutions across 57 countries and territories have earned AACSB accreditation in business.